Swapping Scotland for London Through Shared Ownership

Posted 6 November 2018 by Helen Christie

Buyers are increasingly turning towards affordable routes to home ownership against a backdrop of record high house prices...

Shared Ownership developments enable buyers to own a home on a part-buy, part-rent basis, with developments such as Network Homes’ Lyon Square, a collection of 26 one- and two-bedroom apartments in the North West London town of Harrow, proving a popular alternative with prospective home owners. 

That has been the experience of Rebecka Steven, a 33-year-old policy manager who purchased through Shared Ownership for the first time in the summer of 2018. Rebecka, originally from the north of Scotland, decided to sell her first home in her university town of Aberdeen in 2014 and make the move across the border in pursuit of career opportunities in the capital. Although Rebecka was in a strong financial position following the sale of her first home in Scotland and a flourishing career as a policy adviser across various London local authorities, high prices meant Rebecka would spent the next four years renting – firstly in Hertfordshire before moving closer to her workplace in Harrow. It was during her time as a policy adviser at Harrow Council that Rebecka became aware her Shared Ownership options in London and just six months after declaring an interest in the initiative, she purchased a 50% share of a one-bedroom apartment at Network Homes’ Lyon Square for £170,000.  

Rebecka says: “Shared Ownership opened a door for me and I’m really happy where it has led to. I hadn’t pictured becoming as a homeowner in the capital when I first moved here a few years back, especially in somewhere like Harrow which I had always imagined as a bit of a stretch from a financial point of view. The development is just a few minutes from the station so my journey into work is entirely stress-free and only takes me about 35 minutes door to door, whilst Harrow has so many great amenities and can be a nice escape from the bustle of the city.”

She continues: “The Shared Ownership application processes in Scotland and England are very different. I was in need of a little guidance when it came to taking those first steps and the team at Network Homes were brilliant in that sense.”

Harrow-on-the Hill station, just five minutes by foot from Lyon Square, offers train journeys into London Marylebone in 19 minutes, whilst Baker Street and King’s Cross St. Pancras can be accessed in 20 minutes and 31 minutes, respectively. Wembley Park, an exciting £250m regeneration project and home to another Network Homes Shared Ownership development, Scala, is just seven minutes away via train.

Find out more about Lyon Square and Network Homes’ other developments

Useful links

All you need to know about Shared Ownership

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